The 13 Holdings (577.HK)

[cyclone]

Macau Hotel With 30 Rolls-Royces And No Guests Seeks Funds

By Denise Wee  and Daniela Wei
June 29, 2017, 10:35 AM GMT+8 Updated on June 29, 2017, 3:38 PM GMT+8

Luxury builder 13 Holdings Ltd. has a fleet of 30 bespoke Rolls-Royce Phantoms for its hotel project in Macau, but no guests to ride in them.

That’s because the company has yet to receive a license to operate the exclusive The 13 project in Macau’s Cotai Strip, despite saying in 2016 that it expected to do so by the end of that year. The firm announced its fourth straight year of net losses Thursday as it considers trying to change conditions on its loans amid the delay. 13 Holdings has total debt of about HK$4.5 billion, more than 10 times its bank balances and cash of HK$323.6 million, according to its filing.

13 Holdings announced it would build the hotel in 2013, which was when total gambling takings for Macau peaked at a record $45 billion. After that, the world’s biggest gambling hub suffered a three-year slump in gaming revenue amid China’s anti-corruption crackdown and slowing economy. While there has been some recovery for the industry this year, risks remain from tightened regulations. Macau’s government announced plans in May to require facial recognition and identification card checks at ATMs, to curb money laundering and stem outflows.

More details in https://www.bloomberg.com/news/articles/...d-deadline

[cyclone]

Casino Hotel Aimed at China's Ultra Rich Is Struggling to Open

By Daniela Wei  and Robert Olsen
August 2, 2017, 7:00 PM GMT+8 Updated on August 3, 2017, 8:40 AM GMT+8

It’s due to feature $1,500-a-night French Baroque suites with marble Roman baths for eight, and 30 custom red Rolls Royces to squire around its guests -- all part of what’s promised to be the world’s most luxurious casino and hotel aimed at China’s ultra rich.

Yet The 13 Hotel stands empty in a sleepy corner of Macau while its owners seek more cash and the necessary permits to operate -- not to mention an elusive license to open a casino. After missing a crucial creditor’s deadline this week, the red tower standing a short drive from the Cotai Strip remains blocked by construction materials, with no plans to open until late this year.

The fate of 13 Holdings Ltd.’s $1.6 billion wager is anything but assured -- and that’s causing a headache for its big-name investors, including Janus Capital Group Inc., Fidelity International Ltd., Omega Advisors Inc., the Ontario Teachers’ Pension Plan and Steve Cohen’s SAC Capital Advisors, who all took sizable stakes in the company after the project was announced in November 2012. While some benefited from a negotiated price of HK$0.68 a share through a placement, all have watched the stock price dive 92 percent from its 2013 high to just barely above penny-stock status.

More details in https://www.bloomberg.com/news/articles/...-investors

[soros]

I remember this share ( 0577.HK) was around HK$7-$8 levels when the Macau Hotel projet was first announced as "Louis 13th" Luxury Hotel.

But when the project runs short of cash and opulence , the "Louis 13th" becomes 13th Holdings Ltd.

[soros]

Company was renamed South Shore Holdings and current price is $0.06 with market cap at $61 Mil. ( on 21 April 2021 ).

Back in 2014, the share price was trading at equivalent to $32 per share. and sliding down to 6cts in 2021, it became a "500 bagger" loss.

[specuvestor]

Classic example of Go Big or Go Home... and usually such stuff have information bias ie only big wins or fails are reported

Like Archegos is reported but many hedged funds or previous tiger cubs have failed as well